DATE: December 12, 1997
NO. 97-RA-13
TO: All Federally
Insured Credit Unions
SUBJECT: Revised
Regulation C Commentary (Home Mortgage Disclosure Act)
The Board of Governors of the Federal Reserve
System (FRS) has revised the commentary to Regulation C. Attached
is the final rule and official FRS staff interpretation. The
revision took full effect on July 1, 1997. The revision provides
guidance to institutions that cease to meet the tests for Home
Mortgage Disclosure Act (HMDA) coverage during the calendar year.
The revision applies to each of the coverage criteria for depository
institutions as discussed on Page 4 of the Guide to HMDA Reporting--Getting
It Right!
The revised index of FRS regulations is also
included. To obtain copies of any regulations or official staff
commentaries listed in the index, you may contact FRS Publications
at (202) 452-3245.
Sincerely,
/S/
Norman E. D'Amours
Chairman
Attachments